For purposes of Section 493.102(a)(2), an insurer is accredited as a reinsurer in this state if the insurer:

1. (1) submits to this state's jurisdiction;
2. (2) submits to this state's authority to examine the insurer's books and records;
3. (3) is domiciled and authorized to engage in the business of insurance or reinsurance in at least one state or, if the insurer is a United States branch of an alien assuming insurer, is entered through and authorized to engage in the business of insurance or reinsurance in at least one state;
4. (4) annually files with the department a copy of the annual statement the insurer files with the insurance department of the insurer's state of domicile; and
5. (5) maintains a surplus as regards policyholders in an amount of at least $20 million.

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.